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In a bid to enhance Ras Al Khaimah’s investment attractiveness, a delegation from the Ministry of Industry and Advanced Technology (MoIAT), led by His Excellency Omar Al Suwaidi, Undersecretary of MoIAT, paid a visit to the Ras Al Khaimah Economic Zone (RAKEZ). This visit was a strategic move in line with the objectives of the National Strategy for Industry and Advanced Technology and MoIAT’s commitment to fostering the industrial sector by collaborating with key partners.
A Warm Welcome at RAKEZ
Upon their arrival, His Excellency Al Suwaidi and the accompanying delegation received a warm welcome at RAKEZ. Ramy Jallad, Group CEO of RAKEZ, along with several leaders and officials from local and international industrial companies headquartered in the economic zone, greeted the delegation.
Exploring RAKEZ’s Industrial Landscape
The delegation embarked on a comprehensive tour of RAKEZ’s industrial facilities. This tour provided an opportunity for engaging discussions with major companies housed within RAKEZ, including Motherson PKC Harness and RAK Ceramics. The aim was to gain valuable insights into their operations and sustainability practices, fostering a deeper understanding of RAKEZ’s thriving industrial ecosystem.
MoIAT’s Enablers and Incentives
During the visit, MoIAT presented an overview of the enablers and incentives available for the industrial and advanced technology sectors. This discussion highlighted the myriad opportunities for collaboration, particularly in the context of the Industrial Technology Transformation Index (ITTI). The ITTI aims to boost the national economy and elevate the UAE’s global standing as an industrial powerhouse.
Meeting the New Entrants
The MoIAT delegation had the privilege of meeting companies that recently became part of RAKEZ under different priority sectors. This interaction shed light on the diverse range of industries that find a home within RAKEZ and how the economic zone contributes to their growth and success.
Promoting FDI Through International Roadshows
The visit included an overview of RAKEZ’s upcoming participation in international roadshows. These roadshows play a pivotal role in promoting Foreign Direct Investment (FDI) in the UAE, further solidifying the nation’s position as a magnet for global investors.
Commitment to Innovation and Growth
His Excellency Al Suwaidi reiterated MoIAT’s unwavering commitment to innovation within the industrial landscape, aligning with the visionary leadership’s goals. He emphasized MoIAT’s dedication to creating an attractive business environment for industrial investors and fostering the growth and competitiveness of local products, especially in vital sectors. These efforts are closely aligned with the ‘Make it in the Emirates’ initiative, which unites government entities and the private sector.
Key Initiatives Driving Industrial Growth
His Excellency shed light on key initiatives such as the National In-Country Value (ICV) Program, a part of the Projects of the 50, which witnessed significant success in 2022 with over AED 53 billion in investments—a remarkable 25% increase. Additionally, the Technology Transformation Program plays a pivotal role in propelling companies towards sustainable production across various industries.
RAKEZ’s Role as a Gateway
His Excellency Al Suwaidi commended RAKEZ for its role as a gateway to international trade and its innovative business infrastructure. He recognized that Ras Al Khaimah has emerged as a pivotal platform for investment, drawing investors from diverse manufacturing sectors, thereby contributing significantly to the advancement of the national industrial sector.
RAKEZ’s Commitment to Industrial Support
Ramy Jallad, Group CEO of RAKEZ, emphasized the importance of strong collaborations between government bodies and economic zones. He stressed that both MoIAT and RAKEZ share a common commitment to nurturing and supporting the industrial sector. By actively listening to and understanding the needs of businesses operating within RAKEZ, they aim to collectively ensure the flourishing of the industrial sector in the UAE.
Strengthening Ties
This visit further strengthened the ties between RAKEZ and MoIAT, following recent collaborations. These collaborations include a partnership focused on accelerating the adoption of advanced technologies among industrial companies, ultimately enhancing the UAE’s appeal as an investment destination. Notably, RAKEZ joined MoIAT’s Industrial Technology Transformation Index, contributing to the drive for sustainable technology within the manufacturing sector.
Distinguished Delegates
Accompanying His Excellency Al Suwaidi were Her Excellency Dr. Farah Al Zarooni, Assistant Undersecretary for the Standards and Regulations Sector at MoIAT, and His Excellency Osama Amir Fadhel, Assistant Undersecretary for the Industrial Accelerators Sector at MoIAT. Additionally, senior representatives from various sectors were present, highlighting the significance of this collaborative endeavor.
Conclusion
The visit by MoIAT to RAKEZ represents a crucial step in bolstering Ras Al Khaimah’s investment appeal. As both entities continue to work hand in hand, their combined efforts promise a brighter and more prosperous future for the industrial landscape in the UAE.
